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Company Accounts

20 Questions  I  By Sweetsalman123
Company Accounts

  
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1.  Interest  is calculated on
A.
B.
C.
D.
2.  Mohit Ltd had 9000,10% redeemable preference shares of Rs.10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of  Rs.10 each fully paid up at a discount of 10%. The number of equity share issued should be
A.
B.
C.
D.
3.  X Ltd. Issued 5000 10% debentures of Rs.125 each at a discount of 5% payable at a premium of 5% at the end of 5 years. The loss on issue of debentures will be  
A.
B.
C.
D.
4.  Hardcore Computers Ltd. issued to public 15,000 shares of 10 each at apremium of Rs.2. Applications were received for 10,000 shares. The amount  payable was as follows: On application 3 per share On allotment 4 per share (including premium) On first and final call 5 per share All sums were duly received by the company except the following:Mr. Perfect holder of 100 shares did not pay allotment and call money. Mr.a Right holderof 200 shares did not pay call money. The company forfeited all the shares of Mr.Perfect. Share Capital a/c will be debited by   
A.
B.
C.
D.
5.  The following information pertains to X Ltd. Equity share capital called up Rs.5,00,000 Calls in arrear Rs. 40,000 Calls in advance Rs. 25,000 Proposed dividend 15% The amount of dividend payable = ?  
A.
B.
C.
D.
6.  The amount of calls in arrear is deducted from__________to arrive at________.  
A.
B.
C.
D.
7.  On 1st April, 2006 Ram Ltd issued Rs.5,00,000 14% debentures at a discount of 10% repayable at the end of 5 years. Amount of discount to be written off every year will be  
A.
B.
C.
D.
8.  A company forfeited 1,000 shares of Rs.10 each(which were issued at par) held by Mr.John for non-payment  of allotment money of Rs.4 per share.The called-up value per share was Rs.8 .On forfeiture,the amount debited to share capital will be 
A.
B.
C.
D.
9.  Dividends are usually paid as a percentage of_______  
A.
B.
C.
D.
10.  Beta Ltd was formed as a public limited company with on authorised capital of Rs.2000000 divided into shares of Rs.10 each. Beta Ltd issued fully paid up share of Rs.10 each in consideration of acquiring asset worth Rs.380000 from M/s Rahim Bros. The shares are issued at a premium of 25%. To record this transaction share capital need to be credited by   
A.
B.
C.
D.
11.  Debenture holders are    
A.
B.
C.
D.
12.  Gopal was holding 100 shares of 10 each of a company on which he had paid Rs. 3 on application and Rs. 2 allotment, but could not pay Rs. 2 on first calll Forfeited shares a/c Will be credited with  
A.
B.
C.
D.
13.  Asha Deep Company Ltd. issued 1,00,000, 7% debentures of Rs-100 each at a discount of 4% redeemable after 5 years at a premium of 6%. Loss on issue of debentures is  
A.
B.
C.
D.
14.  Alfa Ltd. issued 20,000, 8% debentures of Rs.10 each at par. The debentures are redeemable at a premium of 20% after 5 years. The amount of loss on redemption of debentures should be:  
A.
B.
C.
D.
15.  Asha Ltd. issued shares of Rs. 100 each at a premium of 25%. Mamta, who has 2,000 shares of Asha ltd., failed to pay first and final call totalling Rs.5. Premium was taken by Asha Ltd. at the time of allotment. On forfeiture of Mamta's shares, the amount to be debited to Share premiumaccount will be
A.
B.
C.
D.
16.  E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro 24 rata basis. The amount payable on application is Rs.2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F will be  
A.
B.
C.
D.
17.  There are 60,000 preference share of Rs.10 each fully called up. But there are call in arrears of Rs.4,000 @ Rs.2 per share. Company can redeem at present  
A.
B.
C.
D.
18.  Green Ltd. Issued 5,000, 6% debentures of Rs.100 each at a discount of 5% repayable after 5 years at a premium of 5%. Total loss on issue of debentures will be         
A.
B.
C.
D.
19.  A company on non-receipt of First Call money of Rs.2 per share and Final Call money of Rs.3 per share from Rahul, debited Call-in-Arrears account by Rs. 2,000 and Rs.3,000 respectively. After due notice 1,000 shares of Rs.10 each were forfeited from Rahul. The amount to be credited to First Call Account at the time of entry for forfeiture will be  
A.
B.
C.
D.
20.  Premium on redemption of debentures is recorded on the liability side under the heading.  
A.
B.
C.
D.
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